北京商报讯（记者 刘宇阳）12月2日，招商证券资产管理有限公司（以下简称"招商证券资管"）发布高 级管理人员变更公告。公告显示，副总经理张亚非因个人原因于12月1日离任。招商证券资管表示，上 述事项已经公司第三届董事会第九次会议审议通过，并将按有关规定进行备案。 | 基金管理人名称 | 招商证券资产管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 《山 | | | 券基金经营机构董事、监事、高级管理人员及从业人 | | | 员监督管理办法》 | | 高管变更类型 | 离任基金管理人副总经理 | | 离任高级管理人员职务 | 副总经理 | | | --- | --- | --- | | 离任高级管理人员姓名 | 张亚非 | | | 离任日期 | 2025-12-01 | | | 离任原因 | 个人原因 | | | 转任本公司其他工作岗位的说明 | | 图片来源：公告前图 | ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Financials, specifically focusing on manufacturing and infrastructure investments in China [1][5][7] Core Insights and Arguments - **Manufacturing FAI Growth**: There has been a notable slowdown in manufacturing Fixed Asset Investment (FAI) growth, dropping to 2.7% year-over-year (yoy) from 4.0% yoy in the previous month, indicating steady progress on capital expenditure (capex) slowdown [7] - **Liability Growth**: Total liability growth for industrial firms moderated to 5.0% yoy, while manufacturing firms saw a slight increase to 5.9% yoy. This moderation is expected to lead to more rational capacity expansion [2][7] - **Revenue Decline**: Manufacturing revenue declined by 4.3% yoy, attributed to lower production levels due to overcapacity control efforts. The Value-Added Industrial (VAI) growth also slowed to 4.9% yoy from 6.5% yoy in September [3][10] - **Profit Growth**: Manufacturing profit growth moderated to 7.7% yoy from 9.9% yoy in September, influenced by higher financing costs and lower production [10] Future Outlook - **Infrastructure Investment**: A potential increase in infrastructure investments, supported by a new RMB 500 billion fund from the China Development Bank, is expected to bolster demand in 2026 and aid in the digestion of overcapacity risks [8][3] - **Sector Performance**: 77.1% of sectors experienced a slowdown in capex in October 2025 compared to the first half of 2025, while 39.3% of sectors showed profit improvement [9][7] Additional Important Information - **PPI Trends**: The Producer Price Index (PPI) rebounded month-over-month for the first time since December 2024, with the year-over-year decline narrowing to 2.1% [7] - **Investment Sentiment**: The overall sentiment towards the China Financials sector remains attractive, with ongoing efforts in financial tightening contributing to anti-involution measures [5][4] This summary encapsulates the critical insights from the conference call, highlighting the current state and future expectations of the manufacturing and financial sectors in China.

Core Viewpoint - The company has provided a guarantee of up to 600 million RMB for CMS International Gemstone Limited, a special purpose vehicle (SPV), to support its issuance of notes, with a focus on business development and liquidity enhancement [1][3]. Summary by Sections Guarantee Overview - The guarantee amount is capped at 600 million RMB, with an existing guarantee balance of 1 billion RMB provided by China Merchants Securities International Limited for CMS International Gemstone Limited [1]. - The guarantee does not have a counter-guarantee and there are no overdue guarantees [1]. Internal Decision-Making Process - The guarantee was approved by the company's board on April 18, 2025, and subsequently ratified at the annual shareholders' meeting on June 26, 2025 [2]. Basic Information of the Guaranteed Party - CMS International Gemstone Limited was established on August 18, 2021, with a registered capital of 1 USD and is located in the British Virgin Islands [2]. - The company primarily serves as an offshore bond issuer and has not engaged in other business activities [2]. Main Content of the Guarantee Agreement - The guarantee covers all payments due under the issued notes and any losses resulting from non-payment [3]. Necessity and Reasonableness of the Guarantee - The issuance of the notes aims to support business development and enhance liquidity, with the SPV being a wholly-owned subsidiary of the company [3]. - The SPV has a debt-to-asset ratio exceeding 70%, but the company maintains 100% control, allowing for manageable risk [3]. Board of Directors' Opinion - The board supports the guarantee as it falls within the approved limits and is expected to facilitate the company's overseas business development without harming shareholder interests [3]. Cumulative External Guarantee and Overdue Guarantees - As of November 27, 2025, the company has no overdue guarantees or guarantees involved in litigation [4]. - The total guarantee amount for the company's subsidiaries is within the limits set by recent audited net assets [3][4].

Core Viewpoint - The announcement details that China Merchants Securities Co., Ltd. will provide a guarantee for its wholly-owned subsidiary, CMS International Gemstone Limited, for the issuance of medium-term notes not exceeding 600 million RMB, with a guarantee period of three years [2][4]. Group 1: Guarantee Overview - The total guarantee amount is capped at 600 million RMB, with an existing guarantee balance of 1 billion RMB provided by China Merchants Securities International Limited for CMS International Gemstone Limited [2]. - The guarantee does not have a counter-guarantee and there are no overdue guarantees [3][4]. - The guarantee will take effect on December 1, 2025 [5]. Group 2: Internal Decision-Making Process - The guarantee was approved by the company's board of directors on April 18, 2025, and subsequently ratified at the annual shareholders' meeting on June 26, 2025 [6]. Group 3: Financial and Operational Details of the Guaranteed Entity - CMS International Gemstone Limited was established on August 18, 2021, with a registered capital of 1 USD and is located in the British Virgin Islands, primarily serving as an offshore bond issuer [7]. - The entity has a debt-to-asset ratio exceeding 70% as of the end of 2024, indicating a high level of leverage [3][8]. Group 4: Necessity and Reasonableness of the Guarantee - The issuance of the medium-term notes is aimed at supporting business development and enhancing liquidity [8]. - The risk associated with the guarantee is considered controllable as the parent company holds 100% equity in the subsidiary, allowing for oversight of its debt repayment capacity [8]. Group 5: Board of Directors' Opinion - The board believes that the guarantee is within the approved limits and will facilitate the development of the company's overseas business without harming the interests of the company or its shareholders [8]. Group 6: Current Guarantee Status - As of November 27, 2025, the company has no overdue guarantees and has not faced any litigation related to guarantees [9].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6099） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條規則作出。 茲載列招商證券股份有限公司在上海證券交易所網站刊登之《招商證券股份有限公司關於 間接子公司發行中期票據並由全資子公司提供擔保的公告》，僅供參閱。 承董事會命 招商證券股份有限公司 霍達 董事長 中國深圳，2025年12月1日 於本公告日期，本公司執行董事為霍達先生及朱江濤先生；本公司非執行董事為羅 立女士、劉振華先生、李德林先生、李曉霏先生、黃堅先生、張銘文先生及丁璐莎 女士；以及本公司獨立非執行董事為葉熒志先生、張瑞君女士、陳欣女士、曹嘯先 生及豐金華先生。 证券代码：600999 证券简称：招商证券 公告编号：2025-049 招商证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 ...

证券代码：600999 证券简称：招商证券 公告编号：2025-049 （二）本担保事项履行的内部决策程序 招商证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 一、担保情况概述 (一) 担保基本情况 招商证券股份有限公司（以下简称招商证券或公司）的全资子公司招商证券 国际有限公司（以下简称招证国际）因业务发展需要，为其下设境外特殊目的机 构 CMS International Gemstone Limited（以下简称 SPV）发行总金额不超过 6 亿人民币的票据提供连带责任保证担保，担保期限 3 年，担保范围为发行票据项 下应支付的全部款项及未按约定支付该等款项而导致的损失，不存在反担保。 担保生效日期为 2025 年 12 月 1 日。 1 被担保人名称：CMS International Gemstone Limited 本次担保金额及已实际为其提供的担保余额：本次担保金额为不超过 6 亿人民币。截至本次担保生效前一日，招商证券国 ...

今日，招商证券股份有限公司发布研报《滨海能源深度报告：公司石墨化与负极业务有经营潜力》，研 究员为游家训、吕昊。研报称，公司全面转型锂电负极材料，未来有望在多个维度形成成本优势，看好 公司负极业务的发展潜力，首次覆盖，给予"增持"评级。 中国经济网北京12月1日讯滨海能源（000695）(000695.SZ)今日收报17.34元，跌幅9.92%，总市值38.52 亿元。 ...

Group 1 - The company Guoke Microelectronics (国科微) announced the termination of its plan to issue shares and pay cash for asset acquisition and related fundraising on November 28, 2025, due to the inability to reach consensus on related matters within the expected timeframe [1] - The decision to terminate the transaction was made after thorough communication and negotiation with relevant parties, emphasizing the company's commitment to safeguarding the long-term interests of the company and its investors [1] - The termination was approved by the company's board of directors and supervisory board, and independent directors also expressed their agreement on the decision [1] Group 2 - On June 6, 2025, Guoke Microelectronics had proposed to acquire a 94.366% stake in Zhongxin Integrated Circuit (Ningbo) Co., Ltd. from 11 counterparties through a combination of share issuance and cash payment [2] - The proposed share issuance price was set at 57.01 yuan per share, which is not less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing date [2] - Financial performance of Zhongxin Ningbo showed revenues of 213.24 million yuan, 453.80 million yuan, and 107.65 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively, with net losses of 842.93 million yuan, 813.06 million yuan, and 150.09 million yuan during the same periods [2][3]

该行下调公司2025-27财年预测年销量6%、25%及30%，下调非 GAAP 净利润预测48%、49%及55%， 反映当前L系列竞争压力上升，明年推出大改款前将面临4个月产品周期走弱的挑战。公司现金流充 裕、团队能力强，但执行效果尚需观察。预计未来四个月公司基本面缺乏强劲催化剂。 招商证券发布研报称，将理想汽车-W(02015)目标价从115港元下调36%至74港元，评级由"增持"下调 至"中性"。理想第三季归母净亏损6.25亿元人民币，为三年来首次，低于市场预期的盈利4.4亿元人民 币，主要受MEGA召回影响，若剔除该影响则基本符合预期。 ...

该行下调公司2025-27财年预测年销量6%、25%及30%，下调非 GAAP 净利润预测48%、49%及55%， 反映当前L系列竞争压力上升，明年推出大改款前将面临4个月产品周期走弱的挑战。公司现金流充 裕、团队能力强，但执行效果尚需观察。预计未来四个月公司基本面缺乏强劲催化剂。 智通财经APP获悉，招商证券发布研报称，将理想汽车-W(02015)目标价从115港元下调36%至74港元， 评级由"增持"下调至"中性"。理想第三季归母净亏损6.25亿元人民币，为三年来首次，低于市场预期的 盈利4.4亿元人民币，主要受MEGA召回影响，若剔除该影响则基本符合预期。 ...